Corena Botha - Estate Agent - Corena Sells Homes

  THE INS AND OUTS OF BUYING YOUR FIRST HOME  The first step to buying a home is being prepared. What should your credit score be in order to secure a home loan at the best rate, and how can you take steps to raise your credit score before applying? 1. Affordability Probably the most important aspect is being able to afford property. The economy has a lot to do with that because poor growth usually means cost hikes and pressure on  what you can afford . Allow for room in your budget, especially in view of potential cost hikes such as pertrol/electricity. Buy below, rather than above your means. If you buy smart, you can always grow with your house. 2. Prequalify Most first-time buyers require home loan financing and need to understand what is required, as well as the process. Once you know  what you can afford , you need to ensure that you qualify for a home loan. This means a clear credit record and regular fixed income.  Get a home loan prequalification befor...

Conquering Your First Home: Budget, Pre-Approval, and Saving for a Deposit Buying your first home is an exciting journey, but it requires careful planning. Here's a breakdown of the initial steps to get you started: 1. Budget and Pre-Approval: It is important to get pre-approved before starting your search for a home, as it can help you avoid disappointment and ensure that the owner of the property sees you as a serious buyer.... You already have one foot in the door if you are preapproved... Know Your Numbers: Begin by creating a budget that outlines your income, expenses, and any existing debts. Get Pre-Approved: With a clear understanding of your financial picture, reach out to a bank or mortgage lender for pre-approval. This will give you a realistic idea of how much you can borrow and keep your home search focused on affordable options. I can assist you with this process if needed! Budgeting tip: A general guideline is to aim to have 8% of the property value available as...